U.S. AG Garland Approves Transfer Of Russian Oligarch’s Seized Assets To Ukraine

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U.S. Attorney General Merrick Garland has transferred seized assets from a sanctioned Russian oligarch to Ukraine to assist with rebuilding the war-ravaged country. The transfer occurred earlier this year and while it is the first of its kind, Garland has confirmed that more will be coming.

“While this represents the United States’ first transfer of forfeited Russian funds for the rebuilding of Ukraine, it will not be the last,” Garland said.

Russian oligarch Konstantin Malofeyev, an investor and founder of a pro-Russia media conglomerate, was charged with breaching sanctions last year. The sanctions were imposed in response to the 2014 annexation of Crimea.

At the time that Malofeyev was charged, Garland had said that millions of dollars had been seized “from an account at a U.S. financial institution traceable to Malofeyev’s sanctions violations.”

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Garland spoke with Ukraine’s prosecutor-general, Andriy Kostin, and transferred the funds in February of this year.

Given that the war in Ukraine is still raging, it is unclear how or when the transferred funds would be used to rebuild Ukraine in the future.

According to a March report by the World Bank, it is estimated that rebuilding Ukraine could cost as much as $411 billion over a 10-year span. The bank added that the figure should be seen as a “minimum as needs will continue to rise as long as the war continues.”

Meanwhile, Ukrainian President Volodymyr Zelensky has been meeting with BlackRock CEO, Larry Fink, and other top officials since December to create a reconstruction plan for when the war ends. Zelensky has also been trying to find investors for the reconstruction and met with bankers from JPMorgan Chase & Co in February, according to a report from Zerohedge.

While Ukrainian forces continue to fight for the strategic city of Bakhmut, Western bankers appear to be lining up to fight over who gets to invest in the multi-billion reconstruction of the war-torn country. However, with the corruption and fraud that has already been occurring with the government aid that has been provided, one can only think that the investors will really be lining the pockets of top Ukrainian officials.

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